The author of this article holds shares in MicroStrategy (MSTR). According to Alberta Investment Management Corporation's (AIMCo) Q1 13F filing, the entity acquired 1,382,000 shares of MSTR, valued at $172,473,600. This translates to an average cost per share of approximately $125.
Given MSTR's current price of around $175, the position is now worth roughly $241 million, resulting in an unrealized gain of approximately $69 million. As of December 2025, AIMCo oversees more than $140 billion in assets for Alberta's public sector pension plans, solidifying its position as one of Canada's largest institutional investors. The 13F filing, mandatory for institutional investment managers with over $100 million in U.S. equity holdings, discloses their quarterly positions.
Historically, AIMCo held a small stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares. The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards Bitcoin as a corporate treasury asset in August 2020. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.